Image: Jefferies Supermarket
A prime retail investment opportunity has arrived in Melbourne’s east, with the landmark home of the prestigious Jefferies Provedore supermarket in Blackburn officially hitting the market.
The strata-titled property, located at 162 Whitehorse Road, forms the commercial heart of a newly completed mixed-use development by Pace Development Group, comprising 289 residential apartments.
Set within Blackburn’s rapidly growing retail precinct, the high-profile corner site offers a commanding presence and exposure, supported by strong pedestrian and vehicular traffic.
Anchored by Jefferies Provedore, a renowned high-end supermarket operator with a thriving sister location in Croydon, the offering is being promoted as a “set-and-forget” asset with exceptional fundamentals.
Jack Cooper, Raphael Favas and Valerie Tang of Cushman & Wakefield are exclusively marketing the property on behalf of Pace Development Group, with the property expected to fetch around $4.75 million.
With a 15-year lease in place commencing September 2023, plus three additional five-year options, the asset delivers an attractive income of $310,500 per annum plus GST and outgoings. Annual fixed rental increases of 3.5% further bolster long-term yield,.
Jack Cooper of Cushman & Wakefield described the listing as “one of the most compelling retail offerings in Melbourne’s east for 2025.
“This is a blue-chip retail asset in a booming lifestyle precinct with long-term security underpinned by a premium supermarket tenant” he said.
Raphael Favas of Cushman & Wakefield added that the property’s fundamentals would resonate strongly with passive investors.
“It’s rare to see a brand-new, purpose-built supermarket tenancy in such a tightly held and affluent location. Combined with secure lease terms and tax depreciation benefits, it presents a unique wealth creation opportunity.”
The campaign is being conducted via Expressions of Interest, closing Thursday 5 June at 12pm AEST.
*Approx.
